9 research outputs found
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Economics and politics of shale gas in Europe
In the wake of the dramatic growth in shale gas production in the United States, interest in shale gas exploration in Europe has been driven primarily by concerns over industrial competitiveness and energy security. A number of studies have been carried out to understand the success factors underpinning the US shale gas revolution and how this success could be replicated in Europe. Most of these studies focus on the macroeconomic and energy market impact of a possible shale gas production in Europe. These studies are in general sceptical about the prospects of shale gas development relative to other gas supply options to Europe. By considering the other options available in greater detail and exploring the stochastic nature of shale gas exploration and production as they apply to production economics, we conclude that this scepticism may be overstated. Apart from political opposition that has shut down shale gas exploration in a number of European member states because of concerns over environmental risks, in some countries notably the UK, the combination of political support and a large, liberalised gas market may offer at least a plausible case for shale gas production. To properly assess the potential for shale gas though, a more rigorous, probabilistic analysis of the associated production economics will need to be carried out
Gonadotropin-releasing hormone type II (GnRH-II) agonist regulates the invasiveness of endometrial cancer cells through the GnRH-I receptor and mitogen-activated protein kinase (MAPK)-dependent activation of matrix metalloproteinase (MMP)-2
Insufficient early detection of peripheral neurovasculopathy and associated factors in rural diabetes residents of Taiwan: a cross-sectional study
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Modelling net zero and sector coupling: lessons for European policy makers
This paper seeks to discuss some of the policy implications which arise from the modelling of Net Zero GHG emissions in 2050 within a sector coupling approach. We draw on a major study of the EU-UK energy system in 2050 produced by the Centre for Regulation in Europe (Chyong et al., 2021), which involved stakeholders from both electricity and gas sectors in a year-long modelling exercise of the European energy system. While no model of the future is an accurate forecast, an optimisation model of the Net Zero energy system is very helpful in clarifying the role the modelled technologies might play in a future energy system under binding government policy targets. What our modelling highlights is that the achievement of Net Zero depends on the massive scale up of variable renewable electricity, biomethane, hydrogen and carbon capture and storage (CCS) technologies. Failure to simultaneously scale up these technologies quickly will threaten the ability to achieve the Net Zero target by 2050.Centre on Regulation in Europ
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Market power and long-term gas contracts: the case of Gazprom in Central and Eastern European gas markets
We explore a major European competition decision, the 2012-18 Gazprom case, using a global gas market simulation model. We find that access to LNG markets alone is insufficient to counterbalance Gazprom's strategic behaviour; central and eastern Europe (CEE) needs to be well interconnected with bidirectional flow capability. 'Swap deals' created by the decision facilitate CEE market integration, while limiting Gazprom's potential market power. Such deals may increase the diversity of contracted gas and number of market players, but do not improve physical supply diversity. In the next five years, swap deals could marginally impact negatively the utilization of strategic assets in CEE, but since Gazprom's commitments expire by mid-2026, utilization of these strategic assets may fall considerably, especially if Gazprom withholds supplies. As an unintended consequence, CEE markets may disintegrate from the rest of Europe. Avoiding such outcomes will require further gas market reforms, particularly, market design for gas transportation
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The impact of 100% electrification of domestic heat in Great Britain
Britain has been a global leader in reducing emissions, but little progress has been made on heat, which accounts for almost one third of UK emissions and the largest single share is domestic heat, which is responsible for 17% of the national total. Given the UK’s 2050 "Net-Zero" commitment, decarbonising heat is becoming urgent and currently one of the main pathways involves its electrification. Here, we present a spatially-explicit optimisation model that investigates the implications of electrifying domestic heat on the operation of the power sector. Using hourly historical gas demand data, we conclude that the domestic peak heat demand is almost 50% lower than widely-cited values. A 100% electrification pathway can be achieved with only a 1.3-fold increase in generation capacity compared to a power-only decarbonisation scenario, but only by leveraging the role of thermal energy storage technologies without which a further 40% increase would be needed.We acknowledge support for this research from EPSRC under grants EP/P026214/1;EP/T022930/1
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Recommendations for a future-proof electricity market design in Europe in light of the 2021-23 energy crisis
In this paper, we discuss electricity market design in Europe in light of the 2021-23 energy crisis, drawing on several of our Centre on Regulation in Europe (CERRE) reports. We outline the relevant theoretical background with respect to wholesale electricity markets, retail electricity markets, excess profits regulation, renewables support schemes and emergency interventions. We next outline the responses of the European Union, France, Norway, the Netherlands and Great Britain to the crisis. This allows us to make a number of recommendations about the future design of the electricity market in the light of theory and recent experience. These include a role for long-term contracts, the extension of the single market, the place for increased price granularity, appropriate energy taxation and the necessity of better monitoring of National Energy and Climate Plans to ensure adequate aggregate investment.Centre on Regulation in Europ